Limited Resources, High Gas Prices Thwarts Future Prospects of Oil & Gas Industry, According to a New Report by Global Industry Analysts

Share Article

The oil and gas industry is highly sensitive to the economic, political, and technological scenario across the world. Relaxation of governmental regulations and privatization of energy sector will lead to increase in oil and natural gas consumption and liberalization of the foreign investment policies.

Oil and Gas Industry: A Global Outlook

Oil and natural gas has a significant impact on a country's economy, as the main feedstock in myriad industries and leading source of the world's energy needs. Globally, oil and gas demand in influenced by changes in economy, consumer behavior, growing personal wealth, weather conditions, government policies and industrial expansion. Some of the major oil and natural gas deposits in the world are found in Middle East, Latin America, Africa and Asia including offshore sites, North America with Alaskan and Canadian sites, Italy and Russia. Rich reserves of oil and gas in Latin America are attracting many foreign oil and gas companies of the US, Europe and China. Some of the major oil reserves in Latin America are located in Venezuela, Columbia, Peru and Ecuador. Driven by high economic growth, Asia-Pacific became the key market for oil and gas surpassing growth in the developed countries of the US and Europe.

Amongst the Organization for Economic Cooperation & Development (OECD), the global crude oil demand was the highest in North America. With the rapid development of Asian countries, there has been an increased demand for crude oil, resulting in a surge in crude oil prices. Global economy and the pricing of crude oil will have a significant impact on the performance of petrochemical industry in the future.

Natural gas is the fastest growing fossil fuel in the oil and gas industry. The shift in consumer preference from oil to natural gas as a source of energy may be attributed to wide availability of natural gas, lower production and transportation cost and increased use of natural gas for electricity generation due to enhanced thermal efficiency. Many national governments are now actively promoting the use of natural gas for use in power generation units due to environmental concerns. New market developments such as pipeline supply have also fostered the natural gas market. Together, the US and Former Soviet Union account for half the global gas consumption. In Europe and China, gas displaced coal consumption to a large extent, fuelled by growing gas demand in static end-use markets. Some of the major natural gas reserves in the world are in southern coast of Myanmar, Russia and offshore sites of Norway and Denmark in the North Sea.

Limited oil and natural gas reserves coupled with growing cost of extraction and production of these commodities and surging world demand for energy is propelling the growth of renewable and alternate source of energy in the world. Some of the renewable source of energy includes hydroelectric power plants, windmills, and solar power materials and components.

The report titled "Oil and Gas Industry: A Global Outlook" provides a collection of statistical anecdotes, market briefs, and concise summaries of research findings. The report offers an aerial view of the industry, the eye-popping surge in oil prices, and its impact on economic growth, spike in consumption patterns in Asia, depletion of reserves and highlights factors triggering the tell tale signs of ever rising prices. The emerging global scenario is crisply crystallized with an exclusive coverage of Crude Oil, Liquefied Natural Gas, OPEC Oil, and Non-OPEC Oil. The discussion on all these segments is annotated with 24 information rich tables. Seasoned with 36 invaluable tables, and accompanying easy-to-understand graphs and charts, which present numerical data on major market segments by parameters, such as, production, sales/consumption, storage capacity, gas purchasing trends by demographics, distribution channels, and end-use markets, among others, this section provides the reader with a macro level understanding of the industry. Other regional markets briefly summarized and annotated with tables include - Iran, Iraq, Qatar, Saudi Arabia, United Arab Emirates (UAE), and China, among others. Also included is an indexed, easy-to-refer, fact-finder directory listing the addresses, and contact details of 867 companies worldwide.

For more details about this research report, please visit
http://www.strategyr.com/Oil_and_Gas_Industry_Market_Report.asp

About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a reputed publisher of off-the-shelf market research. Founded in 1987, the company is globally recognized as one of the world's largest market research publishers. The company employs more than 700 people worldwide and publishes more than 880 full-scale research reports each year. Additionally, the company also offers a range of more than 60,000 smaller research products including company reports, market trend reports and industry reports encompassing all major industries worldwide.

Global Industry Analysts, Inc.
Telephone 408-528-9966
Fax 408-528-9977
Email press @ StrategyR.com
Web Site http://www.StrategyR.com

###

Share article on social media or email:

View article via:

Pdf Print

Contact Author

Public Relations
Visit website